GBPCAD: Long term buy opportunity on a symmetrical pattern.
The pair is trading on a strong 1D Channel Up (RSI = 63.637, MACD = 0.011, Highs/Lows = 0.0038, ADX = 20.356) since the August bottom and even held last week the 1D MA200 (orange line) as a Support. If it continues on this trend then the bullish Golden Cross will be formed.
Based on the 1D RSI, a similar sequence took place from September to December 2017. Then, after breaking above the 1D MA50 a Golden Cross was formed and the MA200 turned into a Support. Notably both sequences (then and today) rebounded on/ near the 1.58350 Support which makes it symmetrical. Additionally, both sequences started from a rejection on/ near the 1.78650 Symmetrical Resistance.
Similarly we can claim that if the Golden Cross takes place now besides 1.78650 (symmetrical Resistance), the pair may target the 1.84200 2 year High. Trade this pattern to your advantage.
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Based on the 1D RSI, a similar sequence took place from September to December 2017. Then, after breaking above the 1D MA50 a Golden Cross was formed and the MA200 turned into a Support. Notably both sequences (then and today) rebounded on/ near the 1.58350 Support which makes it symmetrical. Additionally, both sequences started from a rejection on/ near the 1.78650 Symmetrical Resistance.
Similarly we can claim that if the Golden Cross takes place now besides 1.78650 (symmetrical Resistance), the pair may target the 1.84200 2 year High. Trade this pattern to your advantage.
** If you like our free content follow our profile (tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
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investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
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